McCain Seeks to Recast Commerce Committee Duties

By Michael D. Shear
Sen. John McCain doesn't say much these days about his work in Congress, preferring to run against the institution that he has been part of for the past 26 years.

"The old-boy network and the corruption in Washington is directly involved and one of the causes of this financial crisis that we're in today," he said this morning on ABC's "Good Morning America."

But in several interviews this morning, he also bragged about being the chairman of the Senate Commerce Committee, claiming that experience gives him the knowledge to fix the economy.

"I know how to fix this economy. I have had great experience on these issues as chairman of the Commerce Committee," he said on Fox's "Morning Joe."

On CNBC's "Squak Box," he added: "I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy."

In fact, it is the Senate Banking Committee that has oversight of "banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage."

According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through "regulation of consumer products and services ... except for credit, financial services, and housing" -- the very areas now in crisis.

While it is true that McCain is trying to make points by insisting that he had experience on a Committee that had nothing to do with Housing and Finance, does anyone else think it ironic that Chris Dodd now wants oversight for something that he should already have oversight over?? He is Chairman of the Senate Banking Committe, and has the responsibility that McCain claims to have had under the Senate Commerce Committee. Why is no one jumping on Dodd??

I guess that's why he didn't get any campaign contributions from Fannie Mae/Freddie Mac executives. The people actually on the committees that regulate housing, urban development, and business got hooked up with campaign contributions...obviously, we can't trust McCain.

This is hilarious though. Let me get this straight
"i understand how to solve one of if not the most complex system ever devised by mankind. One so completely mind boggling that even the professionals in the field are continually wrong. I am going to fix this via my experience in a comity. A comity that i cant remember what it does, nor did I do much while in it, nor is it relevant to the issue."
Nothing out of context about that. This is one of the most hittable gaffs I've seen so far.

i agree Obama has himself engaged in the missinformation thing. The 100years war comment that was misconstrued comes to mind. And he continues to jump on anything that can be taken out of context in some lovely way. But between the two McCain has been far worse and nobody was calling either of them on it... except the internets. But McCain stuck his head out the furthest look what happens. I hope Obama is smart enough to pull back on that crap while he's ahead.

Have you noticed that McCain is blinking much more than normal in these televised interviews. Blinking often indicates a person is hiding something or not telling the truth.

Perhaps the operative word in "good ol' boy" is old. I realize it might not be politically correct to bring the age thing into it, but why is it that McCain is forgetting (denying) what he says and does so often?

"I understand the economy. I was chairman of the Commerce Committee that oversights every part of our economy."

In fact, it is the Senate Banking Committee that has oversight of "banks, banking and financial institutions; control of prices of commodities, rents and services; federal monetary policy, including the Federal Reserve System; financial aid to commerce and industry and money and credit, including currency and coinage."

According to its Web site, the Commerce Committee oversees 13 areas, beginning with the Coast Guard, and continuing through "regulation of consumer products and services ... except for credit, financial services, and housing" -- the very areas now in crisis.
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He doesn't even know what is committee oversees. How can he fix the economy?

Given the current problems of the financial industry, does McCain really want to brag that his committee "oversights" (That's gotta be a word only in D.C.) this industry? This committee doesn't, in fact, have oversight over that industry, but I still don't see how he can separate himself entirely from the matter, seeing as his been in Congress 26 years or so. Not that Obama has the greatest excuse either; he's a senator too.

"13. Regulation of consumer products and services, including testing
related to toxic substances, other than pesticides, and except for
credit, financial services, and housing."

Oh... so does that mean that McCain oversees the committee that has responsibility for keeping us safe, by ensuring that pet food, children's toys and other products from China don't have contaminants that put our children and pets at risk??? Oh, wait ... never mind...

"13. Regulation of consumer products and services, including testing
related to toxic substances, other than pesticides, and except for
credit, financial services, and housing."

Oh... so does that mean that McCain oversees the committee that has responsibility for keeping us safe, by ensuring that pet food, children's toys and other products from China don't have contaminants that put our children and pets at risk??? Oh, wait ... never mind...

BTW, "was for obama" the reason the press has been constantly talking about McCain's views is to counter the fact that McCain has engaged in a steady campaign of misinformation over the past few weeks. Sadly, the man I admired and supported in 2000 has adopted the tactics of the idiot that used a similar campaign of misinformation against him the the 2000 nominating season. I fear the Senator has decided that if it worked against him, it will work for him, which is a shame...

I Think a novel idea would be to go ahead and prop up those corporations. But don't let the American people go without its due. For using taxpayer dollars, the government should purchase the debt of these corporatiosn and distribute it as ownership interest to taxpaying citizens. In other words, give each taxpaying citizen at least shares based on the amount of tax the citizen paid in taxes last year. If they didn't pay taxes but they worked, they still should get at least 5 shares because even though they may not have paid taxes or they got a refund, the US government used their money for government programs and services.

If the inevitable global economic apocalypse has finally begun, we’ve just got to sit tight and get the bad blood out of the system. There is simply no way to avoid this, and stopgap measures really only prolong the pain. The problem underlying the whole mess is massive, poorly secured (if secured at all) debt. The financial industry is swimming in it.

But, in a sense, we are all at fault. America, and more generally, Americans, is up to its eyeballs in debt. We simply cannot afford to borrow more money to prop up public companies. Bear Stearn was a failed stopgap. Fannie and Freddie were really too big to fail. But now Treasury and the Fed have drawn the line. After all, with a $400 billion current budget deficit, $10 trillion in debt (not too mention the potential liabilities of Fan and Fred, which they are keeping off the books), and the money we are hemorrhaging in the strategic and financial disaster that is Iraq, we cannot shoulder an additional burden.

This has been building for a while, and it’s not going to be pretty, but we will recover. It’s just going to take a long, long while.

Try not to panic.

And, please, for the love of God and all that is holy, don’t dare but McCain/Palin (!) in charge of cleaning up this mess. An American default is possible. A Great(er) Depression is possible. Competence and intellect count.

Silly me, these gentlemen were receiving large amounts in campaign contributions from the industrys that were ripping off the American public. Now that the roosters have come home to roost it is someone else's problem!

McCain and his campaign know that if the economy is issue #1 by a long shot as Nov. 4th approaches, then McCain will lose in a landslide. Therefore, McCain is saying and doing just about anything to win over voters. He has run untruthful ads about Obama. He has told untruths about Palin's background. And now he is padding his own resume even when he own comments about not understanding the economy have been caught on tape.

ENOUGH IS ENOUGH!!!!!!!!!!!!

Don't tell me you know how to get Bin Laden or know how to fix the economy. Give me detailed directions!